Recent News
On July 24–25, 2025 Krystal announced regulatory approvals for VYJUVEK in Japan and by European authorities allowing use from birth and flexible administration; the company targeted initial launches in Germany in Q3 and France in Q4 2025. Company statements in late July also noted ongoing enrollment of KB407 Cohort 3 in the CORAL‑1 cystic fibrosis study with an interim molecular readout expected before year‑end. No other material operational headlines appeared in the past 13 weeks.
Technical Analysis
Directional strength registers as robust: ADX at 36.5 indicates a strong trend in place, supporting the thesis of continued directional movement rather than a neutral market.
DI+ sits at 35.22 and trends increasing while DI‑ at 12.28 trends decreasing, a bullish directional configuration that aligns with upward price bias and the recent regulatory news-driven momentum.
MACD at 8.16 and trending increasing with the MACD line above the signal (6.24) constitutes a bullish momentum confirmation that favors continuation of the current advance.
MRO reads 13.26 and trends increasing; a positive MRO indicates price currently sits above the modeled target, implying a higher probability of contraction toward that target in the near term if momentum weakens.
RSI at 61.4 and increasing shows constructive momentum without an overbought extreme, supporting further advance while leaving room for pullbacks.
Price sits at $183.02 above the 12‑day EMA ($174.18), 20‑day average ($171.93), 50‑day average ($153.69) and 200‑day average ($155.62); moving averages rising together present a confirmation of the short‑to‑medium bullish regime.
Price trades slightly above the 1× Bollinger upper band ($181.98), indicating proximity to a short‑term upper range and potential for mean reversion if selling pressure strengthens.
Ichimoku components (Tenkan $170.97, Kijun $161.74, Senkou A $143.63, Senkou B $143.50) position price well above the cloud, reinforcing bullish structure and higher‑probability continuation while the super trend lower sits at $169.64 as a nearby technical support reference.
Volume at 210,406 runs below the 10/50/200‑day averages, suggesting the recent advance occurred on lighter liquidity; 42‑day beta at 2.56 signals elevated short‑term volatility versus the 52‑week beta of 0.91.
Fundamental Analysis
Revenue totaled $96,042,000 for the period, with reported operating income (EBIT) of $39,307,000 and EBITDA of $40,850,000. YoY operating margin improved by 36.546 percentage points to 40.93% versus the prior year, reflecting meaningful margin expansion.
Gross margin registered 92.54%, supporting the high operating margin and indicating sizable markup on product revenue. Operating margin at 40.93% sits well above the industry peer mean operating margin of -0.75651, indicating relative operating efficiency versus the industry peer mean.
EPS came in at $1.29 versus an estimate of $1.44, an EPS surprise of -10.42%. Forward EPS stands at $1.4625 with a forward PE near 99.60; trailing PE reads 114.35, both reflecting elevated multiples consistent with growth expectations.
Balance‑sheet strength appears pronounced: cash of $353,829,000 and cash and short‑term investments of $681,986,000 provide substantial liquidity; current ratio equals 9.68x and quick ratio 9.33x. Debt to assets equals 0.85% and debt to equity 0.93%, indicating minimal leverage relative to capital.
Cash flow metrics: operating cash flow $52,729,000 and free cash flow $50,825,000 yield a free cash flow yield of 1.20% and a cash flow to earnings ratio of 91.44%, supporting the conversion of reported earnings into cash.
Selected valuation and efficiency signals: enterprise value ≈ $3,563,292,213 with an EV/Revenue (EVR) of 37.10 and an enterprise multiple of 87.23, marking elevated valuation multiples. Price‑to‑book at 4.07 sits below the industry peer mean P/B of 5.28277, while price‑to‑sales at 44.10 reflects premium pricing versus many peers.
WMDST valuation: The current valuation as determined by WMDST classifies the stock as over‑valued given high multiples (PE, EVR, enterprise multiple) juxtaposed with strong margins and sizeable cash balances.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-04 |
| NEXT REPORT DATE: | 2025-11-04 |
| CASH FLOW | Begin Period Cash Flow | $ 308.8 M |
| Operating Cash Flow | $ 52.7 M | |
| Capital Expenditures | $ -1.90 M | |
| Change In Working Capital | $ 494.0 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 45.1 M | |
| End Period Cash Flow | $ 353.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 96.0 M | |
| Forward Revenue | $ 26.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 7.2 M | |
| Depreciation | $ 1.5 M | |
| Depreciation and Amortization | $ 1.5 M | |
| Research and Development | $ 14.4 M | |
| Total Operating Expenses | $ 56.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 88.9 M | |
| EBITDA | $ 40.9 M | |
| EBIT | $ 39.3 M | |
| Operating Income | $ 39.3 M | |
| Interest Income | $ 7.5 M | |
| Interest Expense | — | |
| Net Interest Income | $ 7.5 M | |
| Income Before Tax | $ 46.8 M | |
| Tax Provision | $ 8.4 M | |
| Tax Rate | 18.048 % | |
| Net Income | $ 38.3 M | |
| Net Income From Continuing Operations | $ 38.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.44 | |
| EPS Actual | $ 1.29 | |
| EPS Difference | $ -0.15 | |
| EPS Surprise | -10.417 % | |
| Forward EPS | $ 1.46 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.1 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.0 B | |
| Total Current Assets | $ 841.3 M | |
| Cash and Short-Term Investments | $ 682.0 M | |
| Cash | $ 353.8 M | |
| Net Receivables | $ 111.4 M | |
| Inventory | $ 31.0 M | |
| Long-Term Investments | $ 197.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 7.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 86.9 M | |
| Net Debt | — | |
| Total Debt | $ 9.7 M | |
| Total Liabilities | $ 97.7 M | |
| EQUITY | ||
| Total Equity | $ 1.0 B | |
| Retained Earnings | $ -106.60 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 35.97 | |
| Shares Outstanding | 28.927 M | |
| Revenue Per-Share | $ 3.32 | |
| VALUATION | Market Capitalization | $ 4.2 B |
| Enterprise Value | $ 3.6 B | |
| Enterprise Multiple | 87.229 | |
| Enterprise Multiple QoQ | -24.014 % | |
| Enterprise Multiple YoY | -57.554 % | |
| Enterprise Multiple IPRWA | KRYS: 87.229 high: 47.216 median: 14.143 mean: 5.404 low: -68.907 |
|
| EV/R | 37.101 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.094 | |
| Asset To Liability | 11.646 | |
| Debt To Capital | 0.009 | |
| Debt To Assets | 0.009 | |
| Debt To Assets QoQ | -5.451 % | |
| Debt To Assets YoY | 186.195 % | |
| Debt To Assets IPRWA | high: 0.995 mean: 0.187 median: 0.062 KRYS: 0.009 low: 0.0 |
|
| Debt To Equity | 0.009 | |
| Debt To Equity QoQ | -5.199 % | |
| Debt To Equity YoY | 187.037 % | |
| Debt To Equity IPRWA | high: 1.706 mean: 0.251 median: 0.059 KRYS: 0.009 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.07 | |
| Price To Book QoQ | -18.998 % | |
| Price To Book YoY | -35.593 % | |
| Price To Book IPRWA | high: 16.592 median: 6.295 mean: 5.283 KRYS: 4.07 low: -10.064 |
|
| Price To Earnings (P/E) | 114.346 | |
| Price To Earnings QoQ | -19.855 % | |
| Price To Earnings YoY | -67.181 % | |
| Price To Earnings IPRWA | KRYS: 114.346 high: 44.732 mean: -11.202 median: -19.0 low: -73.374 |
|
| PE/G Ratio | 15.246 | |
| Price To Sales (P/S) | 44.102 | |
| Price To Sales QoQ | -21.398 % | |
| Price To Sales YoY | -41.531 % | |
| Price To Sales IPRWA | high: 517.227 mean: 56.305 KRYS: 44.102 median: 19.711 low: 0.25 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 99.603 | |
| Forward PE/G | 13.28 | |
| Forward P/S | 159.841 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.971 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.087 | |
| Asset Turnover Ratio QoQ | 4.856 % | |
| Asset Turnover Ratio YoY | 9.374 % | |
| Asset Turnover Ratio IPRWA | high: 0.388 mean: 0.115 median: 0.113 KRYS: 0.087 low: -0.001 |
|
| Receivables Turnover | 0.895 | |
| Receivables Turnover Ratio QoQ | 5.517 % | |
| Receivables Turnover Ratio YoY | -4.719 % | |
| Receivables Turnover Ratio IPRWA | high: 6.517 median: 1.422 mean: 1.411 KRYS: 0.895 low: 0.012 |
|
| Inventory Turnover | 0.235 | |
| Inventory Turnover Ratio QoQ | 31.907 % | |
| Inventory Turnover Ratio YoY | -54.607 % | |
| Inventory Turnover Ratio IPRWA | high: 2.946 mean: 0.607 median: 0.434 KRYS: 0.235 low: 0.006 |
|
| Days Sales Outstanding (DSO) | 101.993 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 566.474 | |
| Cash Conversion Cycle Days QoQ | 1.62 % | |
| Cash Conversion Cycle Days YoY | 70.799 % | |
| Cash Conversion Cycle Days IPRWA | high: 1258.184 KRYS: 566.474 median: 205.05 mean: 200.534 low: -1350.846 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.127 | |
| CapEx To Revenue | -0.02 | |
| CapEx To Depreciation | -1.234 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.0 B | |
| Net Invested Capital | $ 1.0 B | |
| Invested Capital | $ 1.0 B | |
| Net Tangible Assets | $ 1.0 B | |
| Net Working Capital | $ 754.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 7.848 | |
| Current Ratio | 9.682 | |
| Current Ratio QoQ | 0.369 % | |
| Current Ratio YoY | 1.89 % | |
| Current Ratio IPRWA | high: 25.128 KRYS: 9.682 mean: 3.915 median: 2.52 low: 0.021 |
|
| Quick Ratio | 9.325 | |
| Quick Ratio QoQ | 0.594 % | |
| Quick Ratio YoY | -0.087 % | |
| Quick Ratio IPRWA | high: 14.041 KRYS: 9.325 mean: 2.944 median: 2.158 low: 0.021 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.237 | |
| Cost Of Debt | 211.839 % | |
| Interest Coverage Ratio | 1.572 | |
| Interest Coverage Ratio QoQ | 8.652 % | |
| Interest Coverage Ratio YoY | 86.59 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 44.671 median: 2.742 KRYS: 1.572 low: -1580.294 |
|
| Operating Cash Flow Ratio | 0.403 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 88.891 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.955 % | |
| Revenue Growth | 8.912 % | |
| Revenue Growth QoQ | -374.807 % | |
| Revenue Growth YoY | -83.891 % | |
| Revenue Growth IPRWA | high: 269.352 % mean: 20.45 % median: 12.272 % KRYS: 8.912 % low: -259.856 % |
|
| Earnings Growth | 7.5 % | |
| Earnings Growth QoQ | -135.624 % | |
| Earnings Growth YoY | -99.55 % | |
| Earnings Growth IPRWA | high: 155.0 % median: 11.33 % KRYS: 7.5 % mean: 2.365 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | 92.54 % | |
| Gross Margin QoQ | -1.864 % | |
| Gross Margin YoY | 1.192 % | |
| Gross Margin IPRWA | high: 100.0 % KRYS: 92.54 % median: 80.103 % mean: 77.767 % low: -77.751 % |
|
| EBIT Margin | 40.927 % | |
| EBIT Margin QoQ | -0.239 % | |
| EBIT Margin YoY | 36.546 % | |
| EBIT Margin IPRWA | high: 338.783 % KRYS: 40.927 % median: 23.755 % mean: -75.651 % low: -5123.44 % |
|
| Return On Sales (ROS) | 40.927 % | |
| Return On Sales QoQ | -0.239 % | |
| Return On Sales YoY | 36.546 % | |
| Return On Sales IPRWA | high: 89.247 % KRYS: 40.927 % median: 28.85 % mean: -79.481 % low: -5698.0 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 50.8 M | |
| Free Cash Flow Yield | 1.2 % | |
| Free Cash Flow Yield QoQ | 139.521 % | |
| Free Cash Flow Yield YoY | -1300.0 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % KRYS: 1.2 % median: 0.516 % mean: -0.344 % low: -74.318 % |
|
| Free Cash Growth | 105.229 % | |
| Free Cash Growth QoQ | -300.769 % | |
| Free Cash Growth YoY | -177.246 % | |
| Free Cash Growth IPRWA | high: 157.51 % KRYS: 105.229 % median: 8.368 % mean: 3.501 % low: -183.577 % |
|
| Free Cash To Net Income | 1.326 | |
| Cash Flow Margin | 36.494 % | |
| Cash Flow To Earnings | 0.914 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.05 | |
| Return On Assets (ROA) | 3.465 % | |
| Return On Assets QoQ | 3.279 % | |
| Return On Assets YoY | 97.099 % | |
| Return On Assets IPRWA | high: 36.544 % KRYS: 3.465 % median: 1.616 % mean: -1.413 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | 3.738 % | |
| Return On Equity (ROE) | 0.037 | |
| Return On Equity QoQ | 1.516 % | |
| Return On Equity YoY | 98.491 % | |
| Return On Equity IPRWA | high: 1.117 median: 0.04 KRYS: 0.037 mean: 0.008 low: -1.572 |
|
| DuPont ROE | 3.786 % | |
| Return On Invested Capital (ROIC) | 3.095 % | |
| Return On Invested Capital QoQ | 2.79 % | |
| Return On Invested Capital YoY | -184.332 % | |
| Return On Invested Capital IPRWA | high: 53.785 % median: 3.175 % KRYS: 3.095 % mean: 1.479 % low: -71.959 % |
|